Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash OMA: Passenger growth decelerates in August

  • Total August passengers rose 104.8% y/y, equivalent to 79.2% of 2019's figures. Although there was a 13.6% m/m decline

  • Domestic passengers rose 89.6% y/y, while international passengers increased 338.6% y/y

  • Sequential recovery was interrupted, which could be due to a seasonal effect, but also due to the rebound in infections

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

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Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

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Banorte
7 September 2021
Published byBanorte

Oma reported a 104.8% y/y increase in total August passengers at the 13 airports it operates, which is equivalent to 79.2% of August 2019 figures, below expectations of around 88.0%. Although annual growth is the result of an easy comparable base and a better demand performance, there was a decline in sequential terms (-13.6% m/m). Domestic passengers rose 89.6% y/y, while international passengers increased 338.6% y/y. In total, Monterrey's airport —46.7% of total passengers— registered a 109.0% y/y growth, accounting for 74.3% of 2019's figure.

Negative implication: Although Oma's August traffic continued with significant year-over-year increase, the sequential recovery shown since April was interrupted, which we believe could be due to a seasonal effect as August is a month with lower volume than July, but also as a result of the rebound in COVID-19 infections. In this way, it will be important to monitor the evolution of demand going forward, which in our opinion, should improve as vaccination process advances and the number of cases is reduced.